Ledger, the world’s top source of digital storage for cryptocurrencies, has partnered with Arts DAO, the largest NFT and Web 3.0 community in the Middle East, in order to provide hard wallet solutions for UAE Arts DAO members.
In order to develop secure solutions for blockchain applications, eight specialists with complementary backgrounds in embedded security, cryptocurrency, and entrepreneurship founded Ledger in 2014. More than 800 people work for Ledger SAS and its affiliates in Paris, Vierzon, New York, Zurich, and Singapore. It is the leading secure gateway for digital assets. Originally founded in France, Ledger has sold more than 5 million devices to international customers in 200 different countries and is responsible for securing 20% of all crypto assets stored globally as of today.
100 Ledger NFTs, the first Ledger NFTs ever released, were part of a limited-edition collection created by Arts DAO to honor this groundbreaking partnership. Additionally, Arts DAO provided community members with branded ledgers, allowing NFT owners to claim a physical Ledger hard wallet.
“Ledgers are a so-called ‘cold storage’ solution,” explains Danosch Zahedi, Co-Founder of Arts DAO. “People are always looking for safer places to store their cryptocurrency, and thanks to decentralized finance, anyone with a cold storage wallet may basically act as their own bank. This is crucial considering recent market volatility in the cryptocurrency space as well as future-defining events like the FTX collapse.”
According to Anas Bhurtun, Co-Founder of Arts DAO, “Dubai has constantly shown their dedication to the virtual economy, with historic regulatory developments providing a framework for companies dealing with digital assets like cryptocurrencies and NFTs.”
Dubai launched a proposal in 2016 to have a fully digital government by 2021. Dubai established the Global Blockchain Council as part of that endeavor. Banks, IT companies, and government organizations make up the Its objective was to integrate technology into all aspects of city administration. Today, blockchain is used to underpin every aspect of life, including security, transportation, and health.
The United Arab Emirates’ zero-corporate tax policies have long been favored by cryptocurrency entrepreneurs. They have also benefited from the fact that any revenue earned in the city, whether in the emirate or elsewhere, is tax-free for its inhabitants. Cryptocurrency traders are exempt from paying taxes on any profits they make since blockchain bullions are treated like any other type of property.
How to Keep Your Crypto Safe
As explained by Ledger, what you actually own when you purchase a cryptocurrency is a “private key,” a vital piece of data required to approve outgoing transactions on the blockchain network. Anyone who is aware of this key may use the related funds. There is no bank or other organization to back you up or provide you with a replacement if your private keys are lost, stolen, or if you keep them on a device that malfunctions. As a result, you lose access to your cryptocurrency.
Arts DAO advises clients to use a hardware wallet solution, where your private keys are kept offline in a hardware wallet so only you have access to them. As a result, your wallet is no longer at risk of being compromised by hackers who can’t get to the device or the private keys inside. Even if a hacker manages to take over your computer, they won’t be able to access your crypto assets by stealing your private keys if you have a hardware wallet. The risk of hacking is reduced because your private key is stored offline.
New Universes to Explore
Arts DAO have a variety of clients and industries they work across. Currently, Arts DAO is looking to expand into many more avenues with their clients, including blockchain gaming, blockchain streaming and music, and digital fashion. The two main pillars of Arts DAO and community and consulting. With hundreds of members as of today and rapidly growing, the community is bringing together the Middle East’s largest Web 3.0 community. The consulting component is a Web 3.0 consulting and advisory service that provides Web 1, 2, and 3 brands advice on how to tokenize customer loyalty, use decentralized cultures to engage customers directly, and boost security and speed in online businessghfghfghf.
